Defeated Congress bet nabbed in Las Piñas

Agents of the National Bureau of Investigation arrested last Monday night a defeated congressional bet in Las Piñas and at least four of his companions for allegedly engaging in foreign exchange trading without a license from the Securities and Exchange Commission (SEC).

Arrested by the NBI at his Makati City office was Reynaldo Patacsil. According to NBI agents, Patacsil and his companions, who were not identified, have already been charged with estafa before the Department of Justice.

Those arrested were also charged for violating the Securities Code, after the NBI learned that their firm, Belkins Management Consultancy, has no license from the SEC to engage in foreign exchange trading.

Also seized by the agents from the raided Makati City office were several computers allegedly used by the suspects in their foreign exchange trading.

It will be recalled that Patacsil ran for the congressional seat in Las Piñas City in the May 14 elections. He lost to Cynthia Villar, wife of former House Speaker and now Senator Manuel Villar Jr.

As of yesterday afternoon, NBI agents are still tracking down other suspects allegedly involved in the case. – Mike Frialde